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US steel producer focused on rebar and merchant bar products via electric-arc-furnace mini-mills, plus metals recycling.
US steel producer focused on rebar and merchant bar products via electric-arc-furnace mini-mills, plus metals recycling.
Melts scrap steel in electric-arc furnaces, so the scrap gathered by its own recycling yards feeds its mills, and sells the output mainly as reinforcing bar for construction, some of it cut and bent to order for projects. Earnings follow the gap between steel prices and scrap cost. It has added newer, smaller 'micro mills' that run more flexibly.
Moat: narrow (cost advantage, scale). Efficient mini-mill/recycling integration and a leading US rebar position, though steel remains cyclical and commodity-priced.
Headquarters: Irving, Texas, United States · Founded: 1915 · Employees: 13,670
Size Commercial Metals (CMC) is a United States Materials company (Steel) with a market value of $6.85B, the 972nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $62.28 on 6 Nov 2026.
Performance Over six months the shares fell 12.2%, against -4.3% for the median peer and -1.1% for the United States market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 20.5% over the last twelve months (peer median +8.7%); the operating margin is 9.3% (peer median 6.5%).
Valuation It trades at 9.3× forward earnings against a peer median of 13.4× (7th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.0 points below its cost of capital (10.1% WACC).
Backlog Backlog (remaining performance obligations) was $896M at 31 Aug 2026, up 3% on a year earlier — 0.1 years of trailing revenue. Backlog detail →
Credit Commercial Metals has 4 bonds outstanding ($2.60B), rated BB+ by the agencies and trading like BBB- at a weighted spread of 149 bp.
Short interest Short interest is 6.0% of the free float (15 Oct 2026).
Next results Next results expected around 11 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | $9.39B | $9.39B | $7.80B | $7.93B | $8.80B |
| Revenue growth | — | +20% | -2% | -10% | — |
| Gross profit | $1.72B | $1.71B | $1.20B | $1.36B | $1.80B |
| EBITDA | $1.27B | $1.29B | $785M | $975M | $1.39B |
| Net income | $656M | $656M | $84.7M | $485M | $860M |
| Free cash flow | $479M | $479M | $312M | $575M | $736M |
| Capital expenditure | $580M | $580M | $403M | $324M | $607M |
| Total debt | $3.61B | $3.61B | $1.53B | $1.37B | $1.32B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Commercial Metals CMC | $6.85B | -12% | +20% | 9% | 9.3× | 6.2% |
| Nucor NUE | $55.6B | +8% | +22% | 13% | 10.2× | 12.0% |
| Steel Dynamics STLD | $31.7B | -5% | +26% | 12% | 9.7× | 11.7% |
| Gerdau S.A. Pfd Sponsored ADR Repr 1 Pfd Sh GGB | $8.41B | -10% | +10% | 9% | 7.9× | 2.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CMC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.3% | -5.5% | 4th highest of 21 |
| 6-month return | -12.2% | -4.3% | 8th lowest of 21 |
| Distance from 52-week high | -26.6% | -24.6% | 8th lowest of 21 |
| Revenue growth (TTM) | +20.5% | +8.7% | 3rd highest of 21 |
| Operating margin | 9.3% | 6.5% | 6th highest of 21 |
| Forward P/E | 9.3× | 13.4× | 7th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 6.2% | 4.2% | 7th most demanding of 14 |
| Growth delivered (Del g) | +6.9% | +7.2% | 6th lowest of 14 |
| Hurdle (Req g minus delivered) | -0.7 pp | -5.9 pp | 6th most demanding of 14 |
| ROIC minus cost of capital | -1.0 pp | -2.2 pp | 8th highest of 21 |
| EV / EBITDA | 7.6× | 8.6× | 8th cheapest of 16 |
| Net debt / EBITDA | 2.2× | 0.9× | 7th most indebted of 18 |
| Bond spread | 149 bp | 188 bp | 3rd tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Commercial Metals CMC | United States | $6.85B | -12% | +20% | 9% | 9.3× | 6.2% | +6.9% |
| Jfe 5411.T | Japan | $6.66B | +2% | -4% | 2% | 8.4× | 13.2% | +7.1% |
| Cleveland-Cliffs CLF | United States | $6.54B | +4% | +8% | -1% | 6.6× | n/a | n/a |
| APL Apollo Tubes APLAPOLLO.NS | India | $6.42B | +11% | +16% | 7% | 39.8× | 22.1% | +22.1% |
| Mineral Resources MIN.AX | Australia | $6.36B | -34% | +44% | 25% | 13.8× | 4.2% | +11.6% |
| Steel Authority of India SAIL.NS | India | $7.49B | -8% | +9% | 8% | 8.9× | 11.0% | +9.9% |
| Jindal Stainless JSL.NS | India | $6.10B | -9% | +12% | 10% | 16.9× | 21.0% | +28.7% |
| thyssenkrupp TKA.DE | Germany | $8.33B | +10% | -2% | 1% | n/a | n/a | n/a |
| Gerdau S.A. Pfd Sponsored ADR Repr 1 Pfd Sh GGB | United States | $8.41B | -10% | +10% | 9% | 7.9× | 2.3% | +8.0% |
| Vallourec VK.PA | France | $5.51B | -31% | -7% | 14% | 15.5× | -7.6% | +3.3% |
| China Steel 2002.TW | Taiwan | $8.65B | 0% | -7% | 0% | 41.5× | n/a | n/a |
| Citic Pacific Special Steel 000708.SZ | China | $9.52B | -18% | 0% | 6% | 10.8× | -7.8% | +7.2% |
| Ternium S.A. Sponsored ADR TX | United States | $9.65B | +5% | -1% | 8% | 6.7× | n/a | n/a |
| Kobe Steel 5406.T | Japan | $4.83B | 0% | -3% | 5% | 7.7× | -1.1% | +7.4% |
| Zhejiang Hailiang 002203.SZ | China | $4.53B | -23% | +10% | 2% | 17.6× | n/a | n/a |
| Tube Investments of India TIINDIA.NS | India | $4.47B | -28% | +18% | 7% | 42.7× | n/a | n/a |
| Lloyds Metals & Energy LLOYDSME.NS | India | $10.6B | +3% | +171% | 33% | 13.4× | n/a | n/a |
| Grupo Simec SAB de CV Sponsored ADR SIM | United States | $4.22B | +4% | +17% | 16% | 14.1× | -9.2% | -1.1% |
| Acerinox ACX.MC | Spain | $4.00B | +2% | 0% | 4% | 15.8× | 18.6% | +4.4% |
| Nanjing Iron & Steel 600282.SS | China | $3.99B | -20% | +12% | 5% | 9.5× | -4.2% | +1.8% |
| Yamato Kogyo 5444.T | Japan | $3.88B | -13% | +1% | 2% | 10.3× | 24.2% | +3.4% |
Commercial Metals has 4 bonds outstanding with $2.60B face value. The agencies rate it BB+; its bonds trade like BBB-. Weighted yield 6.28%, a spread of 149 bp over government bonds.
Commercial Metals reported $896M of remaining performance obligations at 31 Aug 2026, up 3% from a year earlier and up 6% from the previous quarter. That is 0.1 years of trailing revenue already under contract. Book-to-bill last quarter: 1.02.